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Aug 14, 2003 I received this very nice and proof-ful letter from my friend Archith. I decided it would be a nice article to publish, and add my findings and proof in as well. ARCHITH: Hello my name is Archith Ramkumar (if you want proof you can go online and find me, I'll come up in OSSAA competition). And this article is about tax cuts (if you want proof you can read the article).
Now there are a few problems with George W. Bush's tax
cuts. One of the most blatant problems is that it helps the
wealthy get even wealthier. An article can be visited at:
MATTHEW: I think I have said this many times
before. These tax cuts have been nothing but extra money
for the wealthy. This is a nice little editorial which
makes
this extremely clear.
ARCHITH: Reagan's tax cuts didn't work either. From the above website, here is a quote, "Our national debt, of under 1 trillion dollars, soared past 4 trillion dollars after the great "Reganomics" tax reduction experiment in the 1980's and we've yet to recover from that added debt load. In a 10 year period from 1982, during the early years of the first Regan-Bush administration, to 1992, the end of the follow-on Bush administration, the national debt quadrupled. For 35 years before that, after economic recovery from World War II (1947 to 1982), the national debt remained virtually the same in inflation adjusted dollars. From that point on it has skyrocketed." This was taken from the US national debt clock. Now if you argue that wealthy people will stimulate the economy, you are wrong. Again, from the same website, "The wealthy are more likely to use their tax savings to invest in Government Bonds and thereby lend the money back to the government to be used to run the country. The result being that the government borrows money back that they already had and pays interest on it in order to do the things that the government should have done with it in the first place. And, in the process, make the wealthy even wealthier. As far as stimulating the economy goes, money given to the wealthy is virtually wasted." MATTHEW: Almost ALL of the tax cut is for the rich, there is not doubt about that. I don't think I need to say very much about this. There is clear proof and it is clear what Bush is doing: hurting everyone except the rich. He's pretty good at that. ARCHITH: So, why are we doing these tax cuts? Bush claims he is doing the people of America a favor. But I have just shown you that he's not. The tax cuts just make wealthy people richer and don't cut back much for the middle class. In turn, the middle class won't spend as much and the wealthy don't stimulate the economy at all. Our national debt is soaring and yet why are we doing these tax cuts? It didn't work during Reagan's time. It sure as heck won't work now.
MATTHEW: Well there you have it. The tax cuts
have hurt states, have hurt many people, have hurt many
children, and have hurt many lives. I am not going to sit
around and say that this is okay, because it is not. And
you
shouldn't sit around either.
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